Global Leadership Summit 2025: 'Picture abhi baaki hai,' Maha CM Fadnavis says on Mumbai infra push

"Wars of the future will not be armies amassing on the border, have to focus on AI, drone warfare, unmanned systems, hypersonics. India has a two-front threat & needs to leapfrog one generation in military technology," says General Manoj Mukund Naravane (Retd) in conversation with Parikshit Luthra the on evolving nature of warfare.

"I believe while UPI is serving the customer, it is also getting shaped to be used for credit purpose," said Dilip Asbe, CEO of National Payments Corporation of India, talking about the transformative changes that UPI will bring in future in conversation with Ritu Singh

Operation SIndoor sent an important message that #India will not differentiate between terrorists & their sponsors,' says Gen (Retd.) Manoj Naravane.

Outlining his long-term vision, Fadnavis said Maharashtra’s goal is not just to lead within India but to compete globally in innovation, infrastructure and startup ecosystem.

The Chief Minister said the state’s development roadmap is closely aligned with Prime Minister Narendra Modi’s vision of ‘Viksit Bharat’, adding that “Viksit Maharashtra is aligned with Viksit India.”

Reiterating the state’s growth commitment, Fadnavis declared, “Maharashtra rukne waala nahi hai,  we are not going to stop.” He said the state is determined to sustain its pace of progress across all sectors.

Chief Minister Devendra Fadnavis said Maharashtra ranks number one in startups and has emerged as India’s leading startup hub, driven by innovation, youth talent and strong government support.

Maharashtra Chief Minister Devendra Fadnavis said the Mumbai–Ahmedabad Bullet Train project is progressing steadily and is expected to be ready by 2029.

Highlighting Maharashtra’s ambitious infrastructure vision, Fadnavis revealed that the Vadhavan Port project will include India’s first offshore airport, making it a pioneering development in the country’s aviation and maritime sectors.

CM Fadnavis announced that every district in Maharashtra will be connected through the upcoming Vadhavan Port, calling it a strategic game-changer for logistics, exports and regional development.

Maharashtra Chief Minister Devendra Fadnavis said infrastructure projects worth ₹4 lakh crore are currently in progress across the Mumbai Metropolitan Region (MMR). He said these projects are transforming connectivity and urban mobility in the region.

"Momentum in the housing cycle started right after Covid, but the commercial cycle has been on for a while now," said Aditya Virwani, MD Embassy Group.

"The India story is a very measured growth... I think we are growing faster than what we see in the numbers," KV Kamath, Chairman of Jio Financial Services, tells @ShereenBhan at the Global Leadership Summit 2025.

Sridhar Sivaram of Enam Holdings believes the financial space offers opportunities across a combination of large-cap and smaller banks, while also highlighting that Non-Banking Financial Companies (NBFCs) are poised to benefit from a falling interest rate environment as their cost of funds declines.

Speaking to CNBC-TV18 at the Global Leadership Summit on Friday, November 7, Sivaram discussed the recent large Foreign Direct Investment (FDI) deals in the financial sector. He acknowledged that while this is growth capital, the recipient institutions are not without their own challenges.

"When PM talks about Atmanirbharta, he means secure yourself from surprises," NITI Aayog CEO BVR Subrahmanyam tells

@ShereenBhan at the Global Leadership Summit, as he highlights the importance of self reliance & reducing India's dependency on other countries.

"India needs sustained growth of 8-9% for 25 yrs & there's a need to kick up our FDI dramatically," says

NITI Aayog CEO BVR Subrahmanyam.

NITI Aayog CEO B.V.R. Subrahmanyam said that if India truly wants to become Viksit Bharat, the foremost priority must be to skill, educate, and empower its people to secure productive livelihoods. “If I had just one rupee to invest, I’d put it on skilling and education,” he said, underscoring the centrality of human capital to India’s development journey. Subrahmanyam pointed out that an average Indian student attends school for only 6–7 years, compared to 13–14 years in South Korea, highlighting the significant gap India needs to bridge to compete globally and sustain long-term economic growth.

NITI Aayog CEO B.V.R. Subrahmanyam said India must lift its investment rate to 35–36% of GDP annually to sustain 8–9% economic growth, compared to the current level of around 30–31%, which has remained flat in recent years. He noted that foreign investors are showing strong interest in India for its vast domestic market and position as one of the world’s most cost-efficient manufacturing destinations. However, he stressed that for India to fully capitalise on this momentum, it must cut down bureaucracy and paperwork, echoing Prime Minister Narendra Modi’s call for “minimum government, maximum governance” and a sharper focus on ease of doing business to make life easier for entrepreneurs.

Reflecting on India’s industrial learning curve, Subrahmanyam said, “You can’t bet on a product — you must bet on the entire ecosystem.” He proposed developing sectoral clusters across 15 key sectors and 75 locations, turning them into globally competitive hubs for manufacturing and employment — replicating the model that fuelled China’s rise.

Subrahmanyam called the National Manufacturing Mission (NMM) “the biggest announcement in the last budget” and said it will be operational by November. The mission, he said, is designed to reshape India’s manufacturing sector by promoting competitiveness, cluster-based development, and large-scale employment generation.

Emphasising Prime Minister Narendra Modi’s goal of transforming India into a $30 trillion economy by 2047, Subrahmanyam urged that “openness” must remain non-negotiable. “Even if other nations impose tariffs, India must stay a world-class, open economy,” he said, stressing the importance of consistency in policy and global engagement to achieve developed-nation status.

Subrahmanyam acknowledged that India’s trade relations with the US have faced “difficult phases,” but confirmed ongoing negotiations are on track. “Hopefully, by the end of the month, we may hear some news on that front,” he said, suggesting that a breakthrough could soon reinforce India’s position as a reliable partner in global trade.

At the Global Leadership Summit 2025, B. V. R. Subrahmanyam, CEO of NITI Aayog, called India “the brightest spot in the global economy,” crediting the country’s size, market depth, innovation capacity, and talent pool. “Other nations will be compelled to reach out to India,” he said, highlighting the nation’s inherent strengths that continue to anchor growth amid global uncertainty.

BVR Subrahmanyam said India needs to remain open to global engagement, take the lead in green energy innovation, and invest deeply in human capital to sustain its growth momentum. He cautioned that the world is entering an era where low growth could become the norm, making it vital for India to future-proof its economy through openness, clean energy leadership, and skill development.

Chief Economic Adviser V. Anantha Nageswaran said India’s private capital expenditure remains robust in FY25 despite global uncertainty, noting that the first five months of the year have already seen net FDI inflows meaningfully higher than the last two years. He added that 2024–25 has been a very good year for private capex, countering perceptions of slowdown. On trade, Nageswaran said a US–India tariff deal could be concluded soon, and stressed that the right regulatory framework, along with correcting inverted duty structures, is crucial for sustained growth. He argued that India’s success lies not in onshoring everything but in plugging into global supply chains and moving from domestic indigenisation to strategic resilience and indispensability. He also noted that what appears to be a consumption boost is, in fact, a supply-side expansion driven by healthy investment momentum.

CEA V. Anantha Nageswaran says India on track for over 6.8% GDP growth in FY26, hints at possible upward revision after Q2 data

Chief Economic Adviser V. Anantha Nageswaran underlined the importance of a robust regulatory and legal framework in enabling success across sectors. He stressed that India must continue to integrate into global supply chains while simultaneously strengthening domestic manufacturing capabilities.

Nageswaran noted that while private capex was disappointing in FY24, available FY25 data points to a strong rebound, indicating that the investment momentum is picking up pace.

Echoing the positive sentiment, Anant Maheshwari, business leader and investor, said that despite short-term movements in foreign portfolio (FPI) and direct investments (FDI), India continues to stand out as a bright spot in the global economy.

He noted that India’s consumption-led growth model makes it more insulated from global volatility compared to export-heavy economies. “There are multiple sectors—like aviation—witnessing a uniform investment cycle,” Maheshwari said, adding that the capex cycle is expanding across industries.

He emphasised that India’s fundamentals remain strong and that domestic corporates have been “at the forefront of investing,” signalling sustained private-sector confidence.

Mahindra & Mahindra Managing Director and CEO Anish Shah said the company expects its tractor segment to clock low double-digit growth in FY26, revising its outlook upward on the back of improving rural sentiment and steady monsoon expectations.

He added that the SUV segment is projected to grow in the mid to high teens range, driven by robust demand across urban and semi-urban markets. “We have raised our tractor segment growth outlook for FY26,” Shah said, signalling optimism in both farm and passenger vehicle categories.

Karan Virwani, CEO of WeWork India, said Global Capability Centres (GCCs) are emerging as a major growth driver in the country’s commercial real estate market. “We currently have 150 GCCs in our portfolio,” he noted, adding that WeWork India aims to be the key infrastructure partner supporting their rapid expansion. As the company scales, Virwani said costs will increasingly shift from fixed to variable, aligning with the evolving demand for flexible office spaces. Flex workspaces, he added, have been growing at nearly 21% annually — with WeWork outperforming industry averages. Bengaluru remains the epicentre of this demand surge, continuing to account for the largest share of WeWork India’s leasing and growth momentum.

Artificial intelligence entered a new phase in 2025, evolving from the “chatbot era to the intelligence era,” said Oliver Jay of OpenAI. Speaking at the Global Leadership Summit 2025, Jay revealed that OpenAI now has over 800 million weekly active users worldwide, with usage in India tripling over the past year. He said the company is witnessing “tremendous growth” as AI adoption broadens from consumer tools to enterprise and education applications.

The Indian banking sector is entering a favourable phase where both valuations and earnings expectations are attractive, said Ridham Desai of Morgan Stanley.

“Banks look very attractive where valuations and earnings are below historical levels,” he said, adding that the sector remains under-owned by global investors relative to its earnings power.

Commenting on global market trends, Morgan Stanley’s Ridham Desai said investors need to be pragmatic when positioning themselves around the AI investment boom.

“Not everyone can afford to be as early as Buffett in getting cautious about AI,” Desai said, hinting that the current wave of optimism may still have room to run before valuations correct meaningfully.

A trade agreement with the United States may boost sentiment but isn’t essential for India’s macroeconomic performance, said Ridham Desai of Morgan Stanley.

“India’s macro doesn’t depend on whether a US trade deal happens or not,” Desai said, adding that structural reforms and capital flows will continue to anchor long-term stability.

Commenting on the global technology cycle, Mishra said the world is still in an early phase of “AI-driven bubble formation.”

“We possibly have two more years of bubble formation in AI,” he said, suggesting that while valuations are stretched, the underlying innovation wave remains transformative.

India’s macro fundamentals remain resilient despite global tariff headwinds, said Neelkanth Mishra, Chief Economist at Axis Bank and Head of Global Research at Axis Capital, speaking at the Global Leadership Summit 2025.

“Tariffs affect sentiment around India but don’t impact the country’s macro stability,” he said, adding that real GDP growth could exceed 7% by March 2026, with nominal GDP likely returning to 12% levels within 12–15 months.

Mishra also noted that hedge funds have been selling Indian equities to rotate into other global markets, a trend driven more by valuation opportunities than domestic weakness.

At CNBC-TV18’s Global Leadership Summit 2025, Morgan Stanley’s Ridham Desai said India’s relative valuations have “corrected to levels not often seen,” making the market far more attractive to foreign investors. He added that a trade deal with the US is “not critical” to India’s macro stability, underlining domestic resilience.

However, ICICI Prudential AMC’s Executive Director and CIO Sankaran Naren struck a cautious note, saying it’s “tough to argue whether investors can make big money right now,” warning that markets could correct at any time. He identified a potential US market correction as the “biggest risk” to Indian equities.

SEBI will comprehensively review short-selling and securities lending and borrowing (SLBM) norms to bring them closer to global standards, said Chairperson Tuhin Kanta Pandey.

Pandey admitted that India’s securities lending market remains underdeveloped compared to other jurisdictions. “We aim to make this space more transparent, liquid, and investor-friendly,” he said.

Despite record growth, mutual fund assets under management (AUM) are still less than 25% of GDP, SEBI Chairperson Tuhin Kanta Pandey pointed out, calling it both a challenge and an opportunity.

Urban participation stands at 15%, while rural India lags at 6%. “There’s huge opportunity in deepening mutual fund penetration,” Pandey said, noting that 22% of aware non-investors intend to invest in the next year.

Chairperson Tuhin Kanta Pandey described SEBI’s approach as “optimum regulation” — fine-tuning market guardrails without stifling innovation.

Pandey said SEBI will continue to engage with stakeholders to ensure frameworks evolve in sync with market needs. “We’ve made several regulatory changes and will continue a consultative approach,” he noted.

From fintech to derivatives, SEBI’s focus is on preparing India’s markets for global competitiveness while retaining local adaptability.

The IPO pipeline continues to expand across new-age, manufacturing, and infra sectors. Market experts say SEBI’s streamlined disclosure norms and faster clearances have accelerated listings.

Retail investors now form the bedrock of this momentum. “There’s a deep well of domestic capital waiting to be deployed,” Pandey said, suggesting that India’s market liquidity story is shifting from FPI-led to homegrown confidence.

India’s primary market is on fire. According to SEBI Chairperson Tuhin Kanta Pandey, Indian companies have already raised over Rs 2 lakh crore in 2025, signaling deep investor appetite despite global volatility.

Highlighting India’s buoyant capital-raising activity, Pandey said Rs 2 lakh crore has already been raised this year through the primary market — a testament to investor confidence and the market’s depth.

“Capital markets are central to the aspirations of Viksit Bharat, not just a barometer of growth,” he said.

Pandey said India’s robust markets have been a pillar of the economy’s resilience, underscoring that SEBI’s mission is to create a “future-ready” regulatory ecosystem that balances innovation and investor protection.

India’s economic momentum remains robust, and the country’s capital markets will play a pivotal role in shaping its journey toward Viksit Bharat, SEBI Chairperson Tuhin Kanta Pandey said at the Global Leadership Summit 2025.

“The Indian economy continues to demonstrate remarkable growth and resilience,” Pandey noted, adding that capital markets are not just a barometer of the economy but are central to the aspirations of a developed India.

He said the regulator will continue to streamline the capital-raising process, ensuring faster, more efficient access to funds for India’s growing enterprises.

As India’s markets continue to scale record highs, all eyes now turn to SEBI Chairperson Tuhin Kanta Pandey, who is set to speak at the Global Leadership Summit 2025 in Mumbai.

Pandey is expected to highlight regulatory priorities, governance reforms, and the role of retail investors in sustaining India’s capital market momentum. His address comes at a time when domestic liquidity is offsetting FII outflows and mutual funds are achieving record market share.

With sessions spanning capital markets, AI, digital governance, infrastructure, space, and finance, today’s conversations will set the tone for how India accelerates from potential to performance.

Tune in live on CNBC-TV18 from 9 AM onwards — as global minds and Indian momentum come together to shape the ideas powering India’s rise.

India’s benign inflation trajectory is setting the stage for a stronger earnings cycle ahead, according to Shridhar Sivaram, Investment Director at Enam Holdings.

Speaking at the Global Leadership Summit 2025, Sivaram said that low inflation has led to a lower nominal GDP, which in turn has contributed to muted earnings growth so far. However, he expects that to change as consumption picks up and inflation stabilises below 1 percent in October.

“Focus on consumption will drive earnings next year,” Sivaram said, adding that lower interest rates will help non-banking financial companies (NBFCs) clean up their balance sheets and improve credit quality.

He noted that with the Reserve Bank likely to maintain a supportive stance, the combination of lower inflation, stable rates, and resilient demand could set the tone for a broad-based recovery across sectors in 2026.

Global Leadership Summit 2025 Live Updates: The stage is set as global leaders converge to drive ‘The India Advantage’

The wait is over. Global minds meet in Mumbai for CNBC-TV18’s Global Leadership Summit 2025 to shape ‘The India Advantage’. Tune in live from 9 AM.

The event brings together global names such as historian Niall Ferguson, OpenAI’s Oliver Jay, ISRO Chairman Dr. V. Narayanan, Visa CEO Ryan McInerney, and India’s top economic voices including SEBI Chairperson Tuhin Kanta Pandey, CEA Dr. V. Anantha Nageswaran, and Jio Financial Services Chairman K.V. Kamath, all converging to discuss the opportunities and challenges defining the country’s next growth frontier.

·         The India Advantage unpacked: Can India sustain its growth premium amid global slowdown fears?

·         AI and embedded intelligence: How frontier tech is turning from buzzword to backbone for enterprises.

·         ISRO’s next frontier: From missions to markets — how India plans to commercialise space.

·         Finance & trade pivot: The new architecture of global capital with India at its core.

·         Consumer & commerce reset: Why India’s digital economy is the blueprint for the next billion customers.

From ISRO Chairman Dr. V. Narayanan and OpenAI’s Oliver Jay to Visa CEO Ryan McInerney, SEBI Chief Tuhin Kanta Pandey, CEA Dr. V. Anantha Nageswaran, Jio Financial Services Chairman K. V. Kamath, and historian Niall Ferguson, the summit brings together an unmatched lineup of thought leaders bridging policy, capital, and innovation.

As India’s economic influence expands, the spotlight shifts squarely to Mumbai this Friday. The second edition of CNBC-TV18’s Global Leadership Summit (GLS 2025) returns on November 7 at the Jio World Convention Centre, bringing together the most influential voices in business, policy, and innovation. The theme 'Accelerating Conversations. Advancing India’s Economic Agenda,' promises a day of power panels, future-focused ideas, and high-impact dialogues around The India Advantage.